What LEGACY you want to LEAVE behind?

What LEGACY you want to LEAVE behind?

In this world, nothing is constant except death, taxes, illnesses and changes. Unlike other events, you have the option to plan for these ahead.

How would you like to be remembered when you are gone? It may seem taboo to most of us to discuss within our family, but that’s a fact of life. Plan before it happens.

For some, a good name is a legacy. For some, huge inheritance is a legacy. But for most of the people, debts can be a legacy they will leave behind for their loved ones.

INSURANCE plays a big role in legacy planning. Once we are gone, insurance proceeds become instant money for your beneficiary. Some will say that they don’t want to leave their children too much money as they may not strive hard to succeed. No one can tell. What we can only do is to raise them well to have a different way of thinking.

If not for your family, you can use your insurance proceeds to empower your community. You can setup a foundation, build a school, donate cash and other good deeds on your name. In that way, it’s a legacy you can leave behind for people you don’t even know.

Try to get a separate TERM INSURANCE for your legacy planning. It’s cheaper, no cash value but with have huge coverage. The only question is how much you want to leave behind. Take a look at this example.

– Fixed Premium till age 100
– Min $1,000,000 coverage for Death/Disability
– Worldwide Coverage
– Open to Foreigners
– Entry Age from 0 to 70

Take a look at the table, total premium paid versus guaranteed death benefit. This is sample quotation of 30/FEMALE/NONSMOKER rate.


You can also get TERM insurance with lower coverage and different term like 5 YR, 10 YR, 20 YR and 30 YR. Unlike the fixed term example above where premium is fixed till age 100, you have the option to have it fixed to either any of the options. If you choose 5 YR term for example, your premium will be fixed every 5 years and increase afterward every 5 years. The only draw back is, it will be expensive as you grow older. But even if it is, your premiums paid is always less than your guaranteed amount. See below example computation, death coverage only.


If you are in Singapore, it’s good to have one before you even migrate or go home for good. SG insurance are way cheaper compare to Philippines.

Benefits of Getting Insurance in Singapore
– Very cheap compare to Philippines
– Worldwide coverage
– SG Life insurance are tax deductibles
– Insurance policies are insured up to $500K
– Stable Singapore economy


In case you are not in Singapore, you can also avail insurance policies at same rate. You just need to come to Singapore at the day of signing and do medical checkup. Sometimes, half a day is enough to process everything. You can book a ticket in the morning and go back on the afternoon.

For payment, no issue if you are based in Singapore as online payment here is very efficient. If you are overseas, you can pay to any bank and ask for TT (telegraphic transfer) to Singapore bank account of your insurance provider. There is a minimal fee , but it’s worth it.

In the event of claims, you don’t need to be in Singapore. Just download the claim form from the website, fillup and send back to SG. Once approved, your payout will be send thru TT on your bank account.

All policy holders have online access to the system. You can monitor your policy anywhere in the world.

You can choose to nominate your beneficiary for SG policies, even if not related to you. You just need to fill up the form needed. As long as the policy owner is alive, you can revoke and submit new nomination as much as you want.

It is also important to have a reliable financial consultant to assist you on your needs. For more questions, details and sample quotation, message me so I can assist you 🙂 I’ll be glad to help. If you are in SG, let’s meetup and have coffee discussion. Contact me at +6582235186 or richardmacalintal@aia.com.sg

About Richard Macalintal

Hi my name is Richard. I am a Registered Financial Services Consultant in Singapore. If you have any queries or you need help on your insurance policies and investment linked products, feel free to message me :-) We can have a cup of coffee while I do financial review and give advice with regards to your finances :-) Contact me thru email rlmacalintal(at)yahoo.com or SMS me +65 82235186. Disclosure: I am a Financial Consultant of AIA. The statements or opinions expressed on this site are my own and do not necessarily represent those of AIA.

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